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Hovde Group upgrades Synovus Financial to 'outperform' from 'market perform'

Will Curtiss from Hovde Group upgraded Columbus, Ga.-based Synovus Financial Corp.'s stock rating to "outperform" from "market perform" with a price target of $42.

Curtiss wrote that Synovus' acquisition of FCB Financial Holdings Inc., which closed Jan. 1, struggled with positive market perception and caused its shares to fall 37%. However, two quarters have passed since the closing and while FCB's credit may still pose risk to Synovus, the probability of that playing out is low at this time, Curtiss wrote.

His EPS estimates for the company are $3.96 for 2019 and $4.00 for 2020.